Direction Analysis Waves

Description

It is an indicator that aims to provide information about the direction of the trend, the basis of which is the CCI, CMO and MFI indices.
Symbols on the indicator are for informational purposes. Information about colors and symbols is given below.

• Blue Wave: Graphical representation of the Commodity Channel Index (CCI) curve.
  
• Green/Red Wave: Graphical representation of the Chande Momentum Oscillator (CMO) curve. This curve turns green when it rises above zero, and turns red when it falls below zero.
  
• Yellow Wave: Graphical representation of the Money Flow Index (MFI) curve.
  
• Blue Line: CCI line.
  
• Green/Red Cross: CCI line shows green cross on red cross below 0 value.
  

Warning

As a result, this indicator should be expected to give an idea of the trend direction, not a trading signal.


Version

v1.0

Release Notes:

• Added horizontal lines above 200 and -200 values.
  

Release Notes:

• Values showing the amount of change according to the previous position of the line on the Commodity Channel Index (CCI) line have been added.
  
• 30 < Blue
  
• 30 - 50 Yellow
  
• 50 - 70 Orange
  
• 70 > Red
  

Release Notes:

• Objects on the display can be turned on or off from the settings menu and their colors can be changed.
  

Release Notes:

• CCI length has been increased from 13 to 14 as it gives more accurate results.
  

Release Notes:

• Title edited.
  

Release Notes:

• Added numbers indicating possible strength of direction.
  

Release Notes:

• The numbers showing the possible strength of the direction have been recalculated.
  

Release Notes:

• Improved the intersection of CCI waves.
  
• Changes were made to the line color as CCI cut the overbought and oversold lines.
  

Release Notes:

• Wave return levels have been improved.
  

Release Notes:

Multiplier values have been removed.

Release Notes:

ohlc4 and hlc3 values have been updated to produce values according to standard candlestick charts, independent of candlestick charts.